Market Overview
Although the Silver Price Forecast may continue the bearish extension on 1d time frame as the Silver Price Forecast failed to close above on 121.63978 in the last week. As long as the Silver Price Forecast remain below 121.63978 on 1d time frame. Meanwhile the h4 time frame h4 continuing the bullish price structure on h4, as the Silver Price Forecast stays above the last support at 72.88570 on h4 time frame. On the other hand h1 time frame continuing the bullish extension. As the Silver Price Forecast sustains above 72.88570 on h1 time frame. Moreover, if price holds above 74.83146 on m15, the furthermore bullish momentum would remain intact.
Weekly Chart
Key Weekly Levels
Major Resistance
H4 Resistance
82.48034 – 82.53537
H1 Resistance
82.48034 – 82.53537
M15 Resistance
79.94658 – 80.18100
Major Support
1D Support
50.02668 – 48.67968
H4 Support
67.33435 – 65.58338
H1 Support
Although the price trades in bullish structure. However the price hasn’t established any fresh or near by support zone. Therefore awaiting for the new structure.
M15 Support
75.35770 – 75.27182
Market Structure Outlook
Although the price may continue the bearish trend follow through on 1d time frame, until the price stay below 121.63978 on 1d time frame. Meanwhile a move below 64.18774 on 1d time frame, may strengthen the bearish bias and would shape the fresh resistance at 95.67093 – 96.37630 on 1d time frame. In addition, a break above 77.64998 on h4 time frame, may generate the fresh demand zone at 73.55730 – 72.92246 on h4 time frame. Moreover, if price registered a close above 76.63950 on h1 time frame, would build a fresh support zone at 74.92489 – 74.82995 on h1
Weekly Trading Scenario
However the price may remain in the favors of sellers on 1d time frame, until the trades below 121.63978 on 1d time frame. Meanwhile, a decisive close above 121.63978 on 1d time frame, would initiate the bullish momentum and may develop the fresh support zone at 82.77392 – 81.39523 on 1d. On the other hand, a finish below 69.59712 on h4, would indicate the initiation of bearish structure and may define the fresh resistance zone at 75.53899 – 76.41386 on h4. In addition, a sustained close below 72.89289 on h1, may initiate the bearish bias and could shape the fresh resistance at 74.71006 – 74.86350 on h1
Bullish Scenario
A decisive close above 121.63978 on 1d time frame
Bearish Scenario
A move below 64.18774 on 1d time frame
Key Takeways
Higher time frame bias: 1D – Bullish, H4,H1 – Bearish
Major Resistance: 82.48034 – 82.53537
Major Support: 67.33435 – 65.58338
Although this XAGUSD weekly forecast focuses on key resistance & support zones that traders should focus during the whole week. Therefore always wait for the confirmation’s before entering the trade and manage the risk properly.
Disclaimer
Although this analysis is for educational and informational purposes only. Therefore it does not constitute financial advice. However always manage your risk and trade responsibly.
Moreover check out my previous XAGUSD Weekly Forecast post
For daily XAGUSD chart analysis refer my XAGUSD Daily Analysis section